DJIA chart reading : correction range bound upside biased.
Hang Seng chart reading : pullback correction upside biased.
Yellen Says Commodity-Price Rise Doesn’t Warrant Policy Shift (Source: Bloomberg)
Federal Reserve Vice Chairman Janet Yellen said the increase in food and fuel costs will have only a temporary impact on inflation and consumer spending and warrants no reversal of record monetary stimulus.
IMF Cuts 2011 U.S. Growth Forecast on Oil, ‘Lackluster’ Pace of Job Gains (Source: Bloomberg)
The International Monetary Fund lowered its forecast for U.S. growth this year, predicting higher oil prices and the pace of job gains will restrain the recovery.
U.S. Stocks Decline as Energy Shares Retreat Amid IMF Forecast (Source: Bloomberg)
U.S. stocks fell, sending the Standard & Poor’s 500 Index down for a third day, after oil dropped from a 30-month high as the International Monetary Fund cut its growth forecast for the world’s largest economy.
Dollar May Rise Versus Euro on Interest Rate Outlook, UBS Says: Tom Keene (Source: Bloomberg)
The dollar may gain this year as faster-than-expected growth and inflation in the U.S. force the Federal Reserve to tighten monetary policy, according to UBS AG. Sentiment towards the dollar, especially among Asian investors, will improve once the Fed ends its $600 billion asset-purchase program in June, said Mansoor Mohi-Uddin, Singapore-based chief currency strategist at UBS AG. He declined to say when he expects the Fed to start raising interest rates. The dollar has fallen 7.3 percent against the euro this year.
China Inflation Is `Somewhat Out of Control’ on Weak Currency, Soros Says (Source: Bloomberg)
China’s decision to keep its currency weak has caused the government to lose control of inflation and risks fuelling wage-price gains, billionaire investor George Soros said. While the policy helped insulate China from the financial crisis in 2008, the world’s second-biggest economy has missed its chance to allow the yuan to appreciate to tame inflation, Soros, chairman of Soros Fund Management LLC, said yesterday at a conference in Bretton Woods, New Hampshire.
Japan May Raise Nuclear Accident Rating as Radiation Increases (Source: Bloomberg)
Japan’s nuclear crisis may be raised to the highest level of severity, matching Chernobyl’s rating, as increasing radiation prompts the government to widen the evacuation zone and as aftershocks rocked the country.
Yen Rises Versus Major Counterparts After Quake Shakes Buildings in Tokyo (Source: Bloomberg)
The yen rose against most of its major counterparts after an earthquake shook buildings in Tokyo.
Sentance Says Markets Signal BOE Benchmark Rate Increasing to 2% Next Year (Source: Bloomberg)
Bank of England policy maker Andrew Sentance signalled he voted for a half-point U.K. interest-rate increase again last week and said that financial markets suggest benchmark borrowing costs could reach 2 percent next year.
IMF, EU Officials Meet in Lisbon to Plan $116 Billion Portuguese Bailout (Source: Bloomberg)
International Monetary Fund, European Commission and European Central Bank officials will be in Lisbon today as they start preparing an estimated 80 billion- euro ($116 billion) aid program for Portugal, the third euro- region nation to request a bailout in less than a year.
Industrial Output Growth in India Unexpectedly Slows to 3.6% in February (Source: Bloomberg)
India’s industrial production growth unexpectedly slowed in February, a deceleration that may be insufficient to stop the central bank from raising interest rates further. Output at factories, utilities and mines rose 3.6 percent from a year earlier after a revised 3.95 percent gain in January, the government said in a statement in New Delhi today. The median estimate of 30 economists in a Bloomberg News survey was for a 5.1 percent increase.
New Zealand Boom Driving Up Currency, May Quicken Inflation, Bollard Says (Source: Bloomberg)
New Zealand’s economy will get a boost from higher farm export prices that will underpin the nation’s currency and may feed inflation expectations which the central bank would need to counter, Reserve Bank Governor Alan Bollard said.
FOREX-Expectations of rising rates to propel euro higher
NEW YORK, April 8 (Reuters) - Expectations interest-rate differentials will widen further in Europe's favor should buoy the euro against the dollar next week, while investors will closely watch U.S. inflation data that could help shape Federal Reserve monetary policy.
The euro rose to a 15-month peak versus the dollar on Friday, on pace for a gain of 1.7 percent this week. The prospect of a U.S. government shutdown, which would idle about 800,000 federal government workers and put a crimp in the economic recovery, weighed on the dollar.
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